11 Mar 15. Dassault Aviation: 2014 results. The Board of Directors, chaired yesterday by Mr. Eric TRAPPIER, closed the financial statements for the year 2014. These consolidated financial statements were certified by the Statutory Auditors who expressed an unqualified opinion.
Order intake
2014 consolidated order intake were EUR 4,639m compared to EUR 4,165m in 2013. Exports represented 89% of the order intake. Orders for new aircraft stood at 90 FALCON in 2014 (compared to 64 in 2013).
DEFENSE orders amounted to EUR 693m in 2014 compared to EUR 1,256m in 2013. In 2014, orders corresponded to after-sales and development; for the record, 2013 included France “F3-R” standard development and ATLANTIQUE 2 upgrade orders.
Net sales
Consolidated net sales for 2014 amounted to EUR 3,680m compared to EUR 4,593m in 2013. FALCON net sales reached EUR 2,685m in 2014 compared to EUR 3,189m in 2013. 66 new aircraft were delivered in 2014 (versus 77 in 2013). 11 RAFALE were delivered to the French Air Force and Navy during 2014, as in the previous year. DEFENSE net sales amounted to EUR 995m compared to EUR 1,404m in 2013, which included nEUROn program sales.
Backlog
The consolidated backlog at 31 December 2014 was EUR 8,217m compared to EUR 7,379m at 31 December 2013. The “book to bill” (order intake/net sales ratio) stood at 1.26 in 2014. It benefited in particular from orders for FALCON 5X and FALCON 8X, our new programs.
Operating income
Operating margin stood at 9.6% of net sales, vs 10.9% in 2013. Consolidated operating income was EUR 353m in 2014 compared to EUR 498m in 2013. Self-funded Research and Development, which reached EUR 488 m (compared to EUR 482m in 2013), represented 13.3% of net sales (compared to 10.5% in 2013). It largely explains the decrease in operating margin. The favorable evolution in the USD/EUR exchange rate at year-end (1.21 USD/EUR vs 1.38 USD/EUR) and in the hedging rate (1.25 USD/EUR vs 1.26 USD/EUR) mitigated this decrease.
Adjusted financial income
In 2014, adjusted financial income amounted to EUR 43m, compared to EUR 15m in 2013. In particular, the Group made a profit of EUR 35 m on the sale of available-for-sale marketable securities compared to a profit of EUR 10m in 2013. This is due in particular to partial use of our cash for the purchase of treasury shares.
Adjusted net income
Adjusted net margin stood at 10.8% of net sales, compared to 10.6% in 2013. For 2014, adjusted net income amounted to EUR 398m compared to EUR 487m in 2013.
The adjusted contribution of THALES to Group net income, before amortization of the purchase price allocation, amounted to EUR 135m in 2014 compared to EUR 153 m in 2013. The decrease was mainly due to the negative impact of DCNS, consolidated at 35% by THALES.
Note: IFRS net income was EUR 283 m in 2014 compared to EUR 459m in 2013.
Cash
The Group uses a specific indicator, “Available Cash”, which reflects the total liquidity available to the Group, net of any financial debt. It includes the following balance sheet items:
* cash and cash equivalents,
* available-for-sale marketable securities (at their market value),
* financial debt.
Consolidated Available Cash was EUR 2,397 m at 31 December 2014 compared to EUR 3,708m at 31 December 2013.
This decrease is mainly due to the purchase of treasury shares in the amount of EUR 934m, the increase of EUR 608 m in working capital due to the growth of inventories and work-in-progress, and the payment of EUR 90m in dividends, partially offset by the net cash from operating activities (+ EUR 331m). (Source: Yahoo!/GLOBE NEWSWIRE)
11 Mar 15. Elbit Systems Ltd. (the “Company”) (NASDAQ and TASE: ESLT), the international high technology defense and homeland security company, reported its consolidated results for the fourth quarter and full year ended December 31, 2014.
Fourth quarter 2014 results:
Revenues in the fourth quarter of 2014 were $850.3m, as compared to $811.5m in the fourth quarter of 2013. G